Global and european financial reforms. Assessment and perspectives

In response to the severe disruption of the financial system, the agenda defined by the Group of Twenty (G20), in 2008, has led to a new regulatory framework. These ongoing reforms outline a new organization, which could be called the Global and Integrated Prudential Model. Such a model is based on global rules defined by international standard setters and on the integration between the different parts of the prudential organization. In this context, a new prudential organization is being set up in Europe. Henceforth, international coordination is underway, but questions remain. What could be the effects of the new rules on banking capital requirements, and, consequently, on the funding of the economy, not to mention the very structure of the financial system? As for the EU, which very swiftly carried out an important recasting of its legal frame, the continent will henceforth have to face three challenges: first, the risk of regulatory competition from large countries, chiefly the USA; second, the need to improve the law-making and the complex supervisory system; and third, the building of the Banking Union aimed at overcoming the current euro area crisis. JEL Classification: E58, F36, G28.